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Gruss E.
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Lannett Company Reports Fiscal 2003 1st Quarter Results
Updated: Tuesday, October 29, 2002 07:58 AM ET Printer-friendly version
Sales - $9.1 Million; Net Income - $2.5 Million; Earnings Per Share - $0.19
PHILADELPHIA, Oct. 29 /PRNewswire-FirstCall/ -- Lannett Company, Inc. (Amex: LCI, news), a manufacturer of generic pharmaceuticals, is pleased to announce its unaudited results of operations for the quarter ended September 30, 2002, the first quarter of its 2003 fiscal year. The Company's results of operations exceeded the results of the 1st quarter of Fiscal 2002, and the prior fiscal quarter ended June 30, 2002, as follows: * A 124% increase in Net Sales for the First Quarter of Fiscal 2003 compared to the First Quarter of Fiscal 2002, and a 30% increase in Net Sales for the First Quarter of Fiscal 2003 compared to the preceding quarter, the 4th Quarter of Fiscal 2002; * A 178% increase in Net Income for the First Quarter of Fiscal 2003 compared to the First Quarter of Fiscal 2002, and a 28% increase in Net Income for the First Quarter of Fiscal 2003 compared to the preceding quarter, the 4th Quarter of Fiscal 2002;
The following table presents Lannett's unaudited results of operations for the three months ended September 30, 2002, June 30, 2002 and September 30, 2001:
Lannett Company, Inc.
Consolidated Statements of Operations
Three Months Ended:
September 30, June 30, September 30,
2002 2002 2001
Unaudited Unaudited Unaudited
(In thousands,
except for Diluted Income per Share)
Net Sales $9,127 $7,024 $4,073
Cost of Sales 3,836 2,594 1,546
Gross Profit 5,291 4,430 2,527
Research & Development Expenses 457 483 347
Selling, General & Admin. Expenses 894 792 665
Operating Profit 3,940 3,155 1,515
Other Income/(Expense) (24) (220) (109)
Income Before Taxes 3,916 2,935 1,406
Income Tax Expense 1,365 953 492
Net Income 2,551 1,982 914
Diluted Income per Share $0.19 $0.15 $0.07
The Company attributes the increases in sales and net income to sales of new products, expanded sales of its current products and a more profitable product sales mix.
The Company's common stock trades on the American Stock Exchange under the symbol "LCI". For more information please call Investor Relations at 215-333-9000.
This press release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to Lannett's estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, or other non- historical facts are forward-looking and reflect Lannett's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward- looking statements. Such risks and uncertainties include, among others, the uncertainty that actual results may differ materially from the preliminary results described in this press release, rates of sale of customer inventories, the success of Lannett's product development activities and the timeliness with which regulatory authorizations and product roll-out may be achieved, market acceptance of Lannett's products and the impact of competitive products and pricing, the availability on commercially reasonable terms of raw materials and other third party sourced products, successful compliance with extensive, costly, complex and evolving governmental regulations and restrictions, exposure to product liability and other lawsuits and contingencies, and other risks and uncertainties detailed in Lannett's most recent filings with the Securities and Exchange Commission, including but not limited to: Lannett's Annual Report and Form 10-KSB for the year ended June 30, 2002.
Gruss E.
Lannett Company Reports Fiscal 2003 1st Quarter Results
Updated: Tuesday, October 29, 2002 07:58 AM ET Printer-friendly version
Sales - $9.1 Million; Net Income - $2.5 Million; Earnings Per Share - $0.19
PHILADELPHIA, Oct. 29 /PRNewswire-FirstCall/ -- Lannett Company, Inc. (Amex: LCI, news), a manufacturer of generic pharmaceuticals, is pleased to announce its unaudited results of operations for the quarter ended September 30, 2002, the first quarter of its 2003 fiscal year. The Company's results of operations exceeded the results of the 1st quarter of Fiscal 2002, and the prior fiscal quarter ended June 30, 2002, as follows: * A 124% increase in Net Sales for the First Quarter of Fiscal 2003 compared to the First Quarter of Fiscal 2002, and a 30% increase in Net Sales for the First Quarter of Fiscal 2003 compared to the preceding quarter, the 4th Quarter of Fiscal 2002; * A 178% increase in Net Income for the First Quarter of Fiscal 2003 compared to the First Quarter of Fiscal 2002, and a 28% increase in Net Income for the First Quarter of Fiscal 2003 compared to the preceding quarter, the 4th Quarter of Fiscal 2002;
The following table presents Lannett's unaudited results of operations for the three months ended September 30, 2002, June 30, 2002 and September 30, 2001:
Lannett Company, Inc.
Consolidated Statements of Operations
Three Months Ended:
September 30, June 30, September 30,
2002 2002 2001
Unaudited Unaudited Unaudited
(In thousands,
except for Diluted Income per Share)
Net Sales $9,127 $7,024 $4,073
Cost of Sales 3,836 2,594 1,546
Gross Profit 5,291 4,430 2,527
Research & Development Expenses 457 483 347
Selling, General & Admin. Expenses 894 792 665
Operating Profit 3,940 3,155 1,515
Other Income/(Expense) (24) (220) (109)
Income Before Taxes 3,916 2,935 1,406
Income Tax Expense 1,365 953 492
Net Income 2,551 1,982 914
Diluted Income per Share $0.19 $0.15 $0.07
The Company attributes the increases in sales and net income to sales of new products, expanded sales of its current products and a more profitable product sales mix.
The Company's common stock trades on the American Stock Exchange under the symbol "LCI". For more information please call Investor Relations at 215-333-9000.
This press release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to Lannett's estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, or other non- historical facts are forward-looking and reflect Lannett's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward- looking statements. Such risks and uncertainties include, among others, the uncertainty that actual results may differ materially from the preliminary results described in this press release, rates of sale of customer inventories, the success of Lannett's product development activities and the timeliness with which regulatory authorizations and product roll-out may be achieved, market acceptance of Lannett's products and the impact of competitive products and pricing, the availability on commercially reasonable terms of raw materials and other third party sourced products, successful compliance with extensive, costly, complex and evolving governmental regulations and restrictions, exposure to product liability and other lawsuits and contingencies, and other risks and uncertainties detailed in Lannett's most recent filings with the Securities and Exchange Commission, including but not limited to: Lannett's Annual Report and Form 10-KSB for the year ended June 30, 2002.
